Texas Tribune: House approves bill spearheaded by U.S. Rep. Chip Roy to ease of restrictions on small-business loan program
The U.S. House overwhelmingly passed legislation on Thursday to ease rules on small business owners who are participating in a loan program meant to mitigate the economic complications of the COVID-19 pandemic.
The new legislation was a bipartisan effort, spearheaded by two freshmen — including U.S. Rep. Chip Roy, R-Austin. The goal is to give business owners and operates more flexibility in the rules small businesses must follow in order to have their loans forgiven. The bill now moves to the Senate, where Roy has said he expects it will pass.
“We want to make sure that money is being targeted and focused in ways that’s best for those businesses in order to stay alive,” Roy said in an interview last week as he was shepherding the bill through the chamber. “That’s the concern, that businesses are unable to get through this and stay alive.”